Should you remortgage with your current lender?

One in five mortgage holders choose their lender because they already have another financial product with them, Which? research reveals. But could you save by shopping around?

We asked 21 of the UK’s biggest mortgage lenders whether they offer existing customers preferential rates, and found that loyalty is rarely rewarded. 

Here, Which? reveals the few lenders that do offer better deals to existing customers, the bank accounts that can unlock mortgage discounts, and why it still pays to search the market for your next mortgage. 

Do existing mortgage borrowers get better rates?

The short answer: rarely.

We contacted the 21 lenders in our customer satisfaction survey to find out whether they reward existing mortgage customers with cheaper deals.

Of the 15 that responded to Which?, only West Brom Building Society explicitly confirmed that it offers cheaper rates to existing borrowers. 

HSBC and First Direct told us they have a separate product range for existing customers. Our comparison of these rates and their standard remortgage deals, using Moneyfacts data, found that existing borrowers are offered a better deal.

Nationwide and TSB said existing customers looking for a new deal will be offered rates that match or beat those available to new customers. TSB also confirmed that existing mortgage customers avoid legal and valuation costs.

Santander said rates may differ between new and existing customers, while eight lenders confirmed they don't offer discounts: Bank of Ireland UK, Barclays, Coventry Building Society, Lloyds, Halifax, NatWest, RBS, and Yorkshire Building Society.

We also analysed Moneyfacts mortgage data from 16 October to see how common exclusive deals were. Of the 5,921 remortgage products available, just 150 were exclusively for existing borrowers – around 3%. 

This doesn’t mean you should automatically switch, but when you’re near the end of a fixed-term mortgage, it’s worth asking what your lender can offer and comparing this with the best deals on the wider market.

• Find out more: best mortgage rates.

Can your bank account unlock a cheaper mortgage?

Just three of the providers we contacted told us that existing customers with another financial product, such as a bank account, are offered preferential rates. 

However, to access discounted remortgage rates through your bank account, you'll need to be a premier banking customer of either Barclays or HSBC. 

Barclays requires an annual income of at least £75,000 or £100,000 in savings or investments, while HSBC requires an annual income of at least £100,000 or the same amount in savings or investments.

The Club Lloyds current account is the only standard account that offers discounted mortgage rates, but you have to be a first-time buyer or moving home. The account has a £5 monthly fee, which is refunded if you pay in at least £2,000 each month.

Lloyds also offers lower rates to its premier banking customers. To qualify for Lloyds Premier Banking, you must pay at least £5,000 into your account each month or hold £100,000 in savings or investments. 

• Find out more: best bank accounts 2026.

Other mortgage loyalty perks

A cheaper rate isn’t the only way lenders reward loyalty. Some offer cashback or profit-sharing schemes to mortgage customers.  

Nationwide Building Society, for example, paid qualifying members £100 through its Fairer Share reward earlier this year. 

Yorkshire Building Society gives £250 cashback to savers who take out a qualifying mortgage. Skipton Building Society offers £250 cashback to Lifetime Isa customers who buy their first home with a Skipton mortgage. 

Sticking with the same lender can also make remortgaging simpler. When you complete a product transfer, you’ll usually face fewer credit and affordability checks than if you switch to a new provider. If your financial situation has changed, staying put could make it easier to secure a new deal. 

• Find out more: best mortgage lenders.

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Why borrowers choose their mortgage lender

Our survey found that 21% of mortgage holders chose their lender because they already had a relationship with them, making it the second most common reason.

Recommendations from mortgage brokers topped the list at 29%. Brokers can search much of the market and help borrowers compare rates and fees, although some lenders, such as First Direct, only offer mortgages directly.

Lender reputation was another important factor, influencing 19% of borrowers. If you're weighing up your options, we've assessed 21 mortgage lenders, comparing their rates and gathering feedback from real customers.

Interest rates were the fourth most common reason for choosing a mortgage. But cost clearly remains a priority. In total, 42% of respondents chose their mortgage based on either the interest rate, the overall cost of the deal or the absence of an upfront fee.